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Australia's Horizon Oil and Roc oil agree to merge
April 28, 2014 / 11:56 PM / 3 years ago

Australia's Horizon Oil and Roc oil agree to merge

SYDNEY, April 29 (Reuters) - Australia’s oil and gas producers Horizon Oil Ltd and Roc Oil Company Ltd have agreed to merge to establish a single, Asia-focused energy company worth A$800 million ($741.04 million), the two companies said on Tuesday.

Under the agreement, Horizon shareholders will receive 0.724 Roc shares for each Horizon share they hold and will own about 58 percent of the merged company after the merger is complete. Roc shareholders will own the other 42 percent.

$1 = 1.0796 Australian Dollars Reporting by Maggie Lu Yueyang; Editing by Paul Tait

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